Over house loans are the process of transferring ongoing house installments from old debtors (borrowers) to new debtors. So, someone else will continue to pay off your old home.
For example, you have a home mortgage loan with a tenor of 15 years. However, you are only able to pay until the fifth year. Well, when you transfer mortgage payments to other people, then the process is called over credit.
When doing over credit, especially over home loans, you must be observant to see the legality of the document and understand well about the process. For those of you who intend to sell or buy a house by over credit, let's understand the following explanation first.
Process Over Home Loans
There are at least three methods for over house credit that you can consider, including:
1. Over credit through a bank
For those of you who have been paying in installments via bank, then over credit through bank assistance can also be done. The procedure is as follows.
- Both the seller and the buyer come to the bank to file a process of over house loans.
- The bank will analyze your application, just like submitting a previous mortgage.
- The seller prepares the requested documents, including notification of credit transfer (assisted by a notary).
- The buyer prepares related documents including KTP, NPWP, marriage book, salary slip, certificate of employment, or SIUP for employers, and a savings account book.
- Sign a new credit agreement.
Please note that there are certain costs that must be borne when the process of over credit. Among these are costs of over credit, notary fees, and several other fees requested by the bank.
2. Over credit through a notary
You don't have to come to the bank, actually you can do over home loans through a notary. Later the buyer will be given a power of attorney to continue the home loan. The power of attorney is then given to the bank. So, even though the loan and home certificate are still on behalf of the seller, the rights have been transferred to the buyer.
The document requirements for over- home loans through a notary include:
- Document of home loan agreement.
- Photocopy of a house certificate with a bank stamp.
- Photocopy of IMB (Building Permit).
- Photocopy of PBB (Land and Building Tax) payment.
- Photocopy of proof of home installment payment.
- Original savings book for home mortgage payments.
- Data on sellers and buyers, namely the identity card, tax ID, etc. requested by the notary.
The advantage of the process of over credit via a notary is that there are no over- credit fees charged by the bank. In addition, the validity remains clear in the eyes of the law.
3. Over credit under the hand
This method can be done if you want to avoid the cost of over credit or notary fees. Because, all you need is a receipt and a stamped power of attorney made by yourself as proof of credit transfer. However, the power of the law by way of under the hands like this is fairly weak.
This method is especially risky for the buyer because the house certificate is still written on behalf of the seller. In the future, the existence of the seller may not be known or there are certain disputes. Well , if that's the case, as a buyer it will be difficult to transfer the certificate.
Tips When you Want to Do Over Mortgage
In order not to miss or lose money, it's good to really pay attention to the following things when doing over home loans. The following tips are specifically intended for buyers.
- First check the house whose ownership will be transferred. Make sure the condition of the house is still habitable, especially if you remember the house is 'used'.
- Compare the market price of the house with the price offered by the seller. Then, compare it with ordinary mortgages without over credit.
- Check the original mortgage document and confirm the legality. Do not get cheated, deh!
Advantages and Disadvantages Over Home Loans
Over home loans can provide benefits or losses, both for buyers and sellers. If sold because they need money, sellers often lose money. On the other hand, this condition is an opportunity and profit for the buyer.
In addition, there are certain benefits for the buyer. Among other things, buyers can get lower interest rates because mortgages have been running for several years, which often has not increased interest rates.
Only, buyers can suffer losses if they do not guard the credit over process carefully. The most fatal, the seller turned out to "cheat". This form of fraud can be like a house in the status of a dispute or the house is sold back to someone else.
So, both from the seller and the buyer, you should pay close attention to the process of over credit. Thus, the choice for over home loans can generate profits, not even loss.